There is so many different ways to invest in RE, and so many different methods. The interesting thing is, there is no one right way to invest in RE. BUT if you had a chance to do it all over again after the many years of experience in RE, what would you do different to be more successful than today? What would you do to prevent the mistakes you have made? Where would you start(i.e foreclosure?, rental?, flipping?, builder?, developer?, ect.)?
It looks like no one is responding because I must not make sense, or I am not being effecting in my communication.
What I am basically saying is: What would you do different if you had a chance to do everything all over again?
Honestly NOTHING!
I have had great success in REI for my age!
Keep the best wholesale the rest!
I would have started earlier!
Keith
If I had known that my husband would give me carte blanche to do this, I would’ve started this a year ago. I’ve been unemployed (by choice) since 3/04. But I’ve always wanted to do this and can’t believe how accepting of this my husband is. I try to talk to him about possible houses and he’s simply just not interested. And he’s gonna be the one to carry the financing since my credit is screwed up. Go figure!
Well, that’s it…just that I would’ve started sooner! :-\
DeeDeeLynn: I’d LOVE to chat with you sometime! I’m a 34 yo SAHM, and I SO want to start REI, but my husband is also disinterested. Well, I suppose that’s not the word. He is a little interested, but is so scared of the “risk” that he doesn’t want to start until… well, until WHAT, I don’t know. Until we have money?? I’m trying to tell him that we will never have enough money UNTIL we start REI. He doesn’t want to step out and get our first rental property b/c it makes him nervous, but he also doesn’t want to take the time to read a book and learn about it, and find out WHY I’m so addicted to learning about REI.
Anyways, I suppose I’d like to know how you started REI on your own, w/o your DH?
hey, Nichole, I sent you a PM. ;D
Thanks DeeDee! I just replied! 
I’m standing with the “Start Earlier” people 
My husband is very excited about the whole thing. Sometimes too much so – I have to remind him, he’s not my boss and that we don’t have to spend EVERY free minute looking at property <glances over to the five binders of research my husband put together for me, I’m afraid to even mention a city that may interest me now LOL>
Nichole and Unique, sign up for John Adam’s free newsletter at www.money99.com. It’s mailed to you monthly. John’s logic may assist your husbands with ‘seeing the light.’
Another gentlemen my husband finds very informative is Dyches Boddiford, www.assets101.com. He has a free e-newsletter, plus articles posted on his site. Some of his material is over my head, but my husband is a CPA so he really enjoys it.
Good luck – and might I suggest you get out there, look for properties, crunch the numbers and show them exactly what you are talking about? Something in front of them may light a fire.
Carmel California. But back then, “flippers” were the buttons on a pinball machine.
(oh…a pinball machine was a video game without …uh…video)
I’m feeling old today.
Richard
Hate to sound like a parrot, but start earlier. When I was in college, I should have purchased a condo instead of being in the dorms or renting. I would have already paid it off and had a great rental unit.
What would I have done differently?
1.) Like the others said, started sooner.
2.) Not listened to negative thinkers who said you can’t be successful at this.
3.) Kept more of the properties that I did buy. The flips made a little money one time. The keepers keep paying and paying.
4.) Learn early not to over-improve a property. Don’t spend a dollar on a fix-up unless you earn more than a dollar in return.
5.) Learn earlier that you can make as much, or more, by structuring good financing as you can by getting a good purchase price.
6.) Learn early on not to waste my time with people who are not motivated to do the deal. Qualify quickly the people you are dealing with, and only spend your time with those who have an urgent reason to make a transaction happen. All the rest of them will only waste your time.
[i][b]Can you please define what is “sooner” means to you(i.e. age)?
Can you please ex[plain what did you mean by this"3.) Kept more of the properties that I did buy. The flips made a little money one time. The keepers keep paying and paying"?
Don’t spend a dollar on a fix-up unless you earn more than a dollar in return"?
What method did you use to determine this: “Don’t spend a dollar on a fix-up unless you earn more than a dollar in return”?
How did you go about “structuring good financing”?
What to you is a good purchase price?
How do fins out if the seller is motivated other then asking the Agent?
What is consider a good deal/purchase?[/b][/i]
I’m 20 years old so I would have started it back in high school, had I known about it back then. I haven’t got a deal yet but my initial success is eminent(hope I spelled that right). I have about 5-6 years before I have any other things I would have changed.
Well, i think it is a given now that we all look back and see what we should have dont. I think the point to get across now is, there is never a better moment then the present. Do your due diligence but dont sit back and think these things are going to fall in your lap. You will make mistakes along the way, the part of your due dilignece is limiting those mistakes. I wish everyone the very best and being prosperous in every investment!
Best!
I wish I’d have learned about handling money better in high school, and started REI before I got married. My priorities were really screwed up in my late teens/early 20’s. :
Now that I’m married, it is difficult to start REI w/o my spouse being on board.
I know…excuses, excuses… I’m working on him, and he seems to be softening up toward REI.
yeah my wife was like that until I closed my first deal and made 50k from there she is more in then I am most days!
Why is it that people think REI is a fast way to get rich? Is that true?
Wow, that could be a loaded question. REI is not a get quick rich scheme, but rather provides a supremely strong track record for appreciation compared to other types of investments. REI takes patience and hard work to provide som of the phenomenal returns that many of us have seen. I am sure you (actually i know) you can find a plethora of propaganda out there that can “show you how to turn just a few small ads (or homes) into phenomenal wealth”…i think i saw this guy selling cosmetics on QVC recently also??
The point being there are consitancies with REI, that given the correct conditions can be extremley profitable.
A peice of wisdom my father passed on to me when it came to making a profit, “something is only worth what someone is willing to pay for it”…
Best!
If I had it to do all over again I would have started when I should have started, when I was 18years old, the earlier the better.